2,272,727 common shares sold at $1.76 per share to Seven Stars Works
By Devika Patel
Knoxville, Tenn., July 20 – YOU On Demand Holdings, Inc. said it settled a $4 million private placement of stock with Seven Stars Works Co., Ltd.
The company sold 2,272,727 common shares at $1.76 apiece, which is a 6.02% premium to the July 19 closing share price of $1.66.
Proceeds will be used for M&A activity, licensed content procurement and general working capital purposes.
The New York-based company is a national pay-per-view and video-on-demand platform in China.
| Issuer: | YOU On Demand Holdings, Inc.
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| Issue: | Common stock
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| Amount: | $4 million
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| Shares: | 2,272,727
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| Price: | $1.76
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| Warrants: | No
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| Investor: | Seven Stars Works Co., Ltd.
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| Settlement date: | July 20
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| Stock symbol: | Nasdaq: YOD
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| Stock price: | $1.66 at close July 19
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| Market capitalization: | $46.18 million
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